West Palm Beach Debt Settlement Attorney
Bankruptcy isn’t your only option if you have unmanageable debt, and it may not be right for you for various reasons. For example, you may have an asset (or assets) you want to keep, or perhaps the type of debt you have isn’t easily resolved through bankruptcy. At Kelley, Fulton & Kaplan, our West Palm Beach debt settlement attorneys won’t just push you into bankruptcy. Rather, we provide you with options and solutions to deal with debt in the most advantageous way for you. One such way may be debt settlement, a viable and favorable alternative to bankruptcy in some cases.
What Is Debt Settlement?
Debt settlement involves asking a creditor to accept less than what is owed on a debt in order to resolve a past-due account. The benefit to the creditor is that it receives at least some of the money owed to it, rather than none (which would likely be the case if the debtor files for bankruptcy), and the benefit to the debtor is less debt and less impact on one’s credit score. The debt settlement process begins with making an offer to the creditor, followed by negotiations, and then the debtor generally makes a lump sum payment, or several partial payments, to cover the accepted debt settlement amount. After payment, the account is reported as “paid” or “settled,” and there will be no additional collection actions regarding the account.
Why Hire a Lawyer for Debt Settlement?
Knowing what amount to offer a creditor in exchange for debt settlement requires experience and savvy, as does negotiating with a creditor once an offer is made. Start too low, and the creditor may not take the transaction seriously. Start too high, and you fail to take full advantage of the debt settlement process. A lawyer specializing in debt settlement will be able to put you in the best position possible throughout the development of your case, while protecting your credit and ensuring you’re treated fairly.
Many companies with no lawyers or legal background in debt settlement or bankruptcy offer debt settlement services in West Palm Beach. Hiring one of these companies is not the same as hiring a debt settlement attorney. Debt settlement companies do not have the knowledge or desire to give you sound legal advice based on your unique financial situation, and they cannot represent you if a creditor files a lawsuit or violates the law. We can do that at Kelley, Fulton & Kaplan, and we will.
Speak with an Experienced West Palm Beach Debt Settlement Attorney
If you have questions about debt settlement and whether it’s a good option for taking control of your debt, please contact Kelley, Fulton & Kaplan to speak with an experienced West Palm Beach debt settlement attorney. If you call a debt settlement company, they will only try to convince you to hire them. Call us, and we will fully analyze your financial situation, go over all your options for overcoming debt, and arrive at the best solution for you—whether that’s debt settlement or something else.